Real estate investment firm Turner Impact Capital has acquired a 312-unit workforce housing community in Irving, Texas, in late April. The acquisition by Turner Multifamily Impact Fund II brings the firm’s total acquired units to more than 10,000 and a current portfolio of 9,363 units.
The Bridgeport Apartments marks Turner Impact Capital’s fifth housing investment in the Dallas-Fort Worth region. The multifamily community is approximately 13 miles northwest of downtown Dallas and offers convenient access to employment nodes, the nearby DFW International Airport, and Las Colinas Urban Center.
Amenities include a dog park, a swimming pool, a business center, tennis courts, and laundry facilities. As part of the investment, the community will receive a range of LEED-based sustainability improvements, including low-flow toilets, Energy Star appliances, and LED lighting.
In addition, residents will be connected with immediate coronavirus-related health, education, and economic resources as well as virtual enrichment programs.
“During this challenging and uncertain period, it’s more important than ever for families to have access to stable housing they can afford that doesn’t come at the expense of other critical needs, such as food or health care,” said Gee Kim, president of the firm’s Multifamily Housing Initiatives.
Along with predecessor Turner Multifamily Impact Fund I, the two funds are halfway to their goal of growing their portfolio up to 20,000 units, representing approximately $2 billion in assets. In addition, they are helping advance Turner Impact Capital’s social impact mission by preserving much-needed rental housing for households that earn less than the area median income but too much to qualify for subsidized housing and not enough for higher-cost apartments or homeownership opportunities near their workplaces. The communities are in diverse metro areas, including Atlanta, Austin, Chicago, Dallas-Fort Worth, Houston, Las Vegas, San Antonio, Seattle, and Washington, D.C.
“The global COVID-19 outbreak and resulting economic slowdown have only exacerbated the longstanding housing crisis in Texas and the entire nation, where rent is simply out of reach for far too many,” added Turner Impact Capital CEO Bobby Turner. “Our resilient investment model has enabled us to reach a significant milestone of 10,000 affordable workforce housing units acquired, positively impacting thousands of families while generating strong risk-adjusted returns for investors at the same time.”
